Twitter is reportedly looking to re-hire some people the company fired soon after Elon Musk completed a $44 billion takeover.
Musk’s deal for the company saw it delisted from public trading and is now a private company, an Invezz analyst Dan Ashmore has summarised how the Twitter stock fared as an investment over the past nine years.
Twitter cut staff by 50%
The massive layoffs saw Twitter cut 50% of its workforce, including the clearance of 90% of Indian staff that as Bloomberg reported on Monday, has left only a dozen or so of these category of workers.
But Musk’s company now wants some of the fired staff to return, sources told Bloomberg.
According to the report, its noted Twitter management have realized they mistakenly sent some people home.
The about-turn on some of the staff is also down to Twitter’s recognition that some of the laid-off workforce have the experience and expertise needed to help the social media platform take the next step in what is Musk’s new vision for the company.
Casey Newton of the Platformer, noted early Monday that Twitter’s reported move had been highlighted via messages shared on Slack.
Meta Platforms planning mega layoff of staff
Twitter’s chaotic week comes as Silicon Valley saw another tech giant announce plans to lay off thousands of its workers.
As covered earlier today on Invezz, Meta Platforms (NASDAQ: META) is planning a large-scale layoff. In this firing spree, Meta could send home thousands of employees from its reported headcount of over 87,000. The layoffs are expected to start next week.
Meta’s stock, which is down over 70% year-to-date, rose on Monday and was trading more than 6% up at around $96.40 at 10.50 am ET.